Due to the continuous increase in the prices of petrol and diesel, the government is under great pressure to cut their prices. To get relief from their increased prices, there is a demand to bring them under the purview of GST. Recently, the Prime Minister and then the Chief Economic Advisor Krishnamurthy Subramaniam also advised to bring it under the purview of GST. Before this, Petroleum Minister Dharmendra Pradhan has also suggested this. However, Finance Minister Nirmala Sitharaman has described it as religious. Now SBI economist Soumikanti Ghosh has said that after being brought under the ambit of GST, the price of petrol and diesel can come to Rs. 68.
Petrol and diesel fall in GST, 0.4% loss to GDP
Saumyakanti Ghosh has said in his assessment that petrol and diesel and the state governments will only incur a revenue loss of one lakh crore rupees which will be 0.4 percent of GDP. This assessment has been done based on the price of crude oil in the international market at $ 60 per barrel and a dollar-rupee exchange rate of 73 rupees per dollar. Both the central and state governments impose their tax on petrol and diesel. States apply VAT on petrol and diesel as per their requirement. The center imposes excise duty. With this, the center's cess is put on it. In some parts of the country, the price of petrol has reached 100 rupees a liter.
Saudi Arabia turned down India's request
Meanwhile, OPEC has ignored India's plea to lift applicable controls on crude oil production. At the same time, there has been an increase in the price of crude oil in the international market. Saudi Arabia has told India that it can use the crude oil it bought at the time when the price of crude oil went down significantly last year. Brent crude oil, which is the most used crude oil, rose nearly one percent to $ 67.44 a barrel on Friday.
Petroleum Minister Dharmendra Pradhan appealed to OPEC countries to reduce the restrictions imposed on production to bring stability in the price of crude oil. He believed that due to the rising crude oil prices in the international market, both the improvement in the economic sector and the demand are having a bad effect.
Why is Pakistan so saddened by Saudi Crown Prince Mohammed bin Salman's visit to India?
Even after the end of the G20 summit in the Indian capital New Delhi, Saudi Arabia's Crown Prince
Shadab Jakati, who went viral on social media with 'How much are 10 rupee biscuits', has recently
Prime Minister Narendra Modi has called a meeting of his entire cabinet on Friday to take measure
Ukraine Russia War: Russian Foreign Minister Sergei Lavrov said on Thursday that Moscow will cont
It has been made clear to the miscreants and terrorists engaged in the conspiracy of target killi
In the last 24 hours, 18,354 new cases of corona have been found in the country, while 30 people
NITI Aayog Chief Executive Officer (CEO) Amitabh Kant while addressing an event on Tuesday said t
After three phases, Prime Minister Narendra Modi will now heat the atmosphere by campai
The Trinamool Congress (TMC) has claimed that the Gujarat Police has arrested TMC national spokes
JKBOSE Class 10th Result 2023 OUT: Jammu and Kashmir Board of Secondary Education (JKBOSE) has de
